Platform for Buy Now and Pay Later In 2021, ZestMoney saw a 300 percent increase in transactions, driven primarily by young borrowers. According to the firm’s report, borrowers in tier-1 and tier-2 cities borrowed to buy fashion, lifestyle, and electronics, as well as to spend on online education courses to improve their skills.
While the majority of customers (median) were between the ages of 23 and 26, BNPL emerged as the preferred option for people of all ages, with the youngest customer being 18 and the oldest being 66. The number of millennial and Generation Z customers increased by 2X and 3X, respectively, indicating that the BNPL segment in India has been driven by young cohorts in line with the global trend.
The report also revealed information about what men and women bought across the country. While men in Tier 1 and 2 cities spent a lot of money on fashion and lifestyle, women in Tier 1 and 2 cities spent a lot of money on upgrading their electronics and EdTech courses for upskilling.
Bangalore, Mumbai, New Delhi, Pune, Hyderabad, Chennai, Ahmedabad, Thane, Kolkata, and Jaipur emerged as the top cities experiencing BNPL demand in 2021, with Lucknow, Kanchipuram, Vijayawada, Visakhapatnam, Guntur, Surat, Indore, Bhopal, Tiruvallur, and Coimbatore rounding out the top tier-II and tier-III cities.
” 2021 was an intense year, with the volatility of the pandemic coupled with its impact on the consumer we serve – from pain to recovery and then rapid demand acceleration over the last two quarters” said Lizzie Chapman, CEO & Co-founder of ZestMoney. “Customers continue to lap up Pay Later because it gives them the perfect flexibility to spread out costs and plan their finances better. We’ve doubled our user base in the last 12 months taking our total registered user base to 15 Mn – almost 2X growth. It’s been a well-rounded growth across categories from smartphones, electronics, fashion, and home decor emerging as the top categories on the platform.”
Get to know the pulses of the Indian startup ecosystem in reality by attending “INDIA FIRST TECH STARTUP CONCLAVE & AWARDS’22-Delhi Chapter” organized by the All India Council for robotics and automation, supported by the Ministry of electronics and information technology.
The event is scheduled to be held on the 17th and 18th of February 2022, marking the biggest tech startup event this year. The event brings together the speakers that are the best breed of entrepreneurs, innovators, venture capitalists, government department’s representatives, business model creators, consultants, policy-makers, academicians, support groups, business coaches and business practitioners.
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